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MULTIPLE CHOICE. Choose the one alternative …

Economics 103 Spring 2012: MULTIPLE choice review questions for final exam. Exam will cover chapters on perfectcompetition, monopoly , monopolistic competition and oligopoly up to the Nash equilibriumMULTIPLE choice . Choose the one alternative that best completes the statement or answers the )What is the difference between perfect competition and monopolistic competition ?A)Perfect competition has a large number of small firms while monopolistic competitiondoes )In monopolistic competition , firms produce identical goods, while in perfect competition ,firms produce slightly different )Perfect competition has no barriers to entry, while monopolistic competition )In perfect competition , firms produce identical goods, while in monopolistic competition ,firms produce slightly different )Perfect competition has barriers to entry while monopolistic competition does )2)In a perfectly competitive market, the type of decision a firm has to make is different in the shortrun than in the long run.

Economics 103 Spring 2012: Multiple choice review questions for final exam. Exam will cover chapters on perfect competition, monopoly, monopolistic competition and oligopoly up to the Nash equilibrium

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